Another renewal of local low can be treated in two ways: as a sign of bullish trend completion with switch to a flat and as an attempt of bulls to build a bearish trap for extension of the quotes’ growth. With this regard, the closing of today’s session in relation to support zone 1891.25-1894.47 will be of high importance.
Local structure so far doesn’t have a full-fledged upswing, therefore there are big odds for an upward correction from support 1894.39-1897.42 in direction of the resistance zone 1913.89-1915.00. Round level 1900.00 might also act as a solid resistance today.
Main scenario: Growth to 1900.00, then new decline to 1891.00-1893.00.
Alternative scenario: Gold will reach 1913.89-1915.00 in case of break of the psychological resistance 1900.00.
Longs to 1900.00 and 1913.89-1915.00.
Seeking probable local sell signals at 1900.00 and 1915.00.